St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-25
FINANCIAL.
New York.

New YORK, June 24-Money OH call 6 per
cent. per annum to 5-16 per cent. and inter-
est per diem; 0last loan 8 per cent, closed
at per cent. bid. Prime mercantile paper
sac per cent. Sterling exchange heavy at
81 $3.50 for sixty-day bills and 81 S44 for
demand. The stock market was subjected to-
day to one of the heaviest drives ever known
i'll its history, and, although its duration was
short-about an holr and q half-the depres-
sion caused i'll prices during that time was
something unprecedented. The market early
in the..morning gave indication Of anything
unusual, and, although prices were heavy
the same quiet business usual of late was
transacted. Suddenly, shortly after ii
O'Clock, the attack was begun, the Gould
stocks being the particular object of atten-
ton. Manhattan was quickly marked down
from 1862 to 115, Missouri Pacific from
lO54 to 92, and Western Union from 1855
to 67I2. Rumors were circulated at the same
time of a disagreement between MeSsrs Gould.
Field and Sage, and later this was followed by
reports of the death of the first named gen
tieman. The money market was not neg
lected, but rates were marked up to 1-I6
and interest. A tremendous selling move
ment began, which soon became Il panic, and
fluctuations were no longer confined to frac-
tons, but prices dropped in some cases 1A3
per cent. at a time. The stories in regard to
Mr.. Gould soon met with denial, and even
professional bears were influential i'm sion
ping the wild sales of securities. Other
runiors which had been set afioat were dis.
proved, and liberal buying soon turned the
tide of affairs. A free recovery followed in
all except a few of the conspicuous weak
stocks, among which Manhattan and Rich.
mond and West Point were most conSpiclIous
The specialteS were not sharers to any great
extent in the movement. which was confined
to- the leading speculative stocks of the day
The opening was
QUIET AND FIRM TO STRONG
first prices generally showing advances of
from Is to So per cent. over yesterdays clos
ably heavy, though the declines for the
first hour were confined to less than
per cent, while the remainder of the mar
ket was Irregular. with narrow fluctuations.
The market gave indications of firnness
when the great drive was made when every.
thing gave way with rush, sales for the
firsthour being something enormous-abont
100000 shares. The worst of the decline
was over by noon. but further progress was
made in many stocks and aerecovery was NOT
fairly under way before 1 p. M The ad-
vance was marked by large decrease in ac-
tivity, and in the neighborhood of l O'Clock
the market again subsidized into midsummer
dizziness. There was more trading later.
however, being upward at the close it was
still unsettled but generally firm The total
business for the day was the largest for any
day this year. amounting to 66T, $40 shares.
The entire list lower and Manhattan is down
21ts per cent, Denver preferred 3s4, Rich
mond 81 West Point and Northwestern ga.
Western Union, 27s; Missouri Pacific, On:
Texas Pacific, 49, Colorado coal, 1ls; Lake
Erie and Western preferred, ia Oregon
TranscontinentGl, is; New England, fA :
Heading. 1ls; wheeling Il Lake Erie, 2; and
others fractional amounts. The trstling i'm
railroad bonds was unaffected by the furry
in stocks, although prices were generally
heavy and the Atlantic and Pacific incomes.
the leading. speculative bond of the day,
was specially active. contributing S24S.-
600 To the days total of S1,02a GOO. The
, market was heavy throughout the day and
closing prices generally show declines. Hi.
Hois Central lost Dig at Y5ls: Texas Pacific